BUA Cement Plc. has announced intentions to slash cement prices from N5,500 to a range of N3,000 to N3,500. This disclosure was made by the Chairman of the company, Abdul Samad Rabiu, post his meeting with President Bola Tinubu in Abuja.
Emphasizing the company’s dedication to aiding the Federal Government’s ambition to stabilize essential commodity prices, Rabiu stated that the price cut would materialize once two upcoming plants, each with a 3 million-ton capacity, are operational by year-end.
Expressing his gratitude towards the President, Rabiu mentioned, “Today’s discussion revolved around our cement business expansion. Our two new production lines, amounting to a 3 million tons capacity each, are set for commissioning by year-end. With their completion, our annual production will reach 17 million tons. This allows us to consider reducing cement prices to N3,000 to N3,500 per bag.”
Highlighting BUA’s local production strategy, Rabiu added that the majority of their cement’s raw materials, including limestone and gypsum, are sourced domestically, alongside local energy resources like gas. This, he believes, positions the company to support government efforts effectively.
Furthermore, Rabiu confirmed that the two new production facilities will be inaugurated by President Tinubu in 2023, boosting the company’s output to 17 million metric tons annually.